Entrepreneurship, Growth, and Public Policy

While the public policy community has turned to entrepreneurship to maintain, restore, or generate economic prosperity, the economics profession has been remarkably taciturn in providing guidance for public policy for understanding the links between entrepreneurship and economic growth as well as for framing and weighing policy issues and decisions. The purpose of this volume, first published in 2009, is to provide a lens through which public policy decisions involving entrepreneurship can be guided and analyzed. In particular, this volume provides insights from leading research concerning the links between entrepreneurship, innovation, and economic growth that shed light on implications for public policy. The book makes clear both how and why small firms and entrepreneurship have emerged as crucial to economic growth, employment, and competitiveness as well as the mandate for public policy in the entrepreneurial society. 'This volume contains an important set of papers by leading scholars explaining why entrepreneurship matters. By focusing on the role of entrepreneurship in innovation and economic growth and on how public policy can support this role, this book provides useful insights and an excellent overview. It will be a valuable source of information and inspiration for economists interested in entrepreneurship and growth for years to come.' Bo Carlsson, Case Western Reserve University 'Acs, Audretsch, and Strom have assembled an extraordinary group of contributors to share their insights into one of the most important - and previously neglected - policy topics of our time. Anyone concerned with economic growth over the long term ought to read it.' David M. Hart, George Mason University 'With globalisation under threat, and public expenditure under scrutiny, it is essential that the links between scientific research, technological innovation, entrepreneurship, and productivity growth are widely understood. This timely and authoritative book addresses this need. Re-focusing economic analysis from the accumulation of physical capital to the accumulation of knowledge capital, it restores entrepreneurship and small firm growth to their rightful place at the centre of economic policy debate about international competitiveness.' Mark Casson, University of Reading1. Introduction to entrepreneurship, growth and public policy Zoltan J. Acs, David B. Audretsch and Robert Strom; Part I. The Role of Entrepreneurship in Innovation: 2. Capitalism: growth miracle maker, growth saboteur William J. Baumol, Robert Litan and Carl Schramm; 3. Toward a model of innovation and performance along the lines of Knight, Keynes, Hayek and M. Polany Edmund S. Phelps; 4. Advance of total factor productivity from entrepreneurial innovations Paul A. Samuelson; 5. Silicon Valley - a chip off the old Detroit bloc Steven Klepper; Part II. Linking Entrepreneurship to Growth: 6. Entrepreneurship and job growth John Haltiwanger; 7. Entrepreneurship at American universities Nathan Rosenberg; 8. The knowledge filter and economic growth: the role of scientist entrepreneurship David B. Audretsch, Taylor Aldridge and Alexander Oettl; 9. Why entrepreneurship matters for growth Max Keilbach; Part III. Policy: 10. On entrepreneurship, economic growth and policy Roy Thurik; 11. The Bayh-Dole Act and high-technology entrepreneurship in the United States during the 1980s and 1990s David C. Mowery; 12. Academic entrepreneurship in Europe: a different perspective Mirjam van Praag; 13. Creating an entrepreneurial economy: the role of public policy Heike Grimm; 14. Entrepreneurial capitalism in capitalist development: toward a synthesis of capitalist development and the economy as a whole Zoltan J. Acs.